Paid a visit to Dustloop and found some more information.
Credit to Suzaku over there and his/her friend.
Well, might as well drop in some more information. My friend got enough information out of it to confirm that it doesn't seem to be part of the Guilty Gear franchise, though it having such a similar timeframe make that a bit questionable.
So, anyway, some stuff I worked out:
There are some rumors that it'll see a home release on the PS3.
System: The game uses a four button system, with three attack buttons (weak, medium, and strong), and an EX button used for unique character abilities.
Guages: There are two types of guages, a Heat Guage and a Barrier Guage. The Heat Guage deals with offense, while the Barrier Guage deals with defense. I'm not sure, but I think they plan on making the game more balanced between defense and offence, as opposed to Guilty Gear which was more focused on just offence.
Setting: It's December 2199 A.D., and a terrible man with a bounty on his head (Ragna) has arrived in a Class 13 Municipal District… or something like that. I'm kinda confused as to what exactly is going on.
Ragna the Bloodedge is voiced by Tomokazu Sugita (who voiced That Man in GG2). He's a bounty mark (I'm not sure the proper terminology of someone with a bounty on their head) known as the "Shinigami/God of Death/Reaper", and is a balanced character with an emphasis on power, weilding a huge sword in one hand, much like Sol. His unique EX ability is called "Soul Eater", which can be used to drain physical strength from his opponent.
Jin Kisaragi is voiced by Kakihara Tetsuya, and fights with a sword and has a lot of anti-air attacks, and will probably fight sorta like Ky. His EX ability is called "Reitou (Zero Sword)" and causes the "Frostbite" effect, freezing the enemy. His personality is described as being deeply ambituous, jealous, and that he is cold and indifferent to other people (IE the standard dickhead rival archetype).
Noel Valentine is voiced by Kondou Kanako and fights using two guns and has special moves that involve shooting and have invincibility times (Gun Kata Style). Her EX ability is called "Chain Revolver", and works by pressing the joystick along with the EX button. She seems to be a subordinate of Jin. She may be a nod to the Toshinden character Vermillion, who also fought using two guns.
Interested in the girl since I always wanted to see a gunslinger in a fighter. Especially an Arc Systems game.
but yea, it not being apart of the guilty gear franchise is a huge relief. It's seems to be based in the same universe though.
Either way I'll probably end up playing it
Website with all the scans